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Features and tenants re-imagined
JAN. 16, 2018 – DOWNTOWN PHOENIX – Cypress Office Properties, LLC and Oaktree Capital Management, L.P. announced that Phase I of Renaissance Square’s $50 million renovation is complete, and that construction has commenced on Phase II renovations. Phase II will include the redevelopment of the lobby connector that unites the two Class A towers, and upgrading the existing 20,000-square-foot gym into a luxury sports club.
“The pathway between the two building lobbies represents the most dramatic element of the Renaissance Square redesign,” said Mark Wayne, principal of Cypress Office Properties, LLC. “The existing pathway will be significantly expanded into large, public meeting areas with plenty of seating and natural light for tenants and visitors to meet, collaborate, relax, play and enjoy food and beverages.”
According to Ryan Bartos, executive vice president at JLL, aspects that have made Renaissance Square very appealing to prospective tenants include the modern palette of the renovation, light rail access directly in front of the building, and potential for new ground floor restaurants and bars. In 2017, Bartos represented Upgrade, Inc., a financial tech company, in the lease of two full 20,000-square-foot floors in one of Renaissance Square’s Class A towers.
“At Upgrade, creating a work environment that our team is excited to come to every day is a priority and we were looking for a space that aligned with our collaborative culture,” said Jeff Bogan, co-founder and CFO at Upgrade, Inc. “Renaissance Square’s central location and open design with all the amenities made it an ideal office space as we continue to expand our team and attract top talent from all corners of the Phoenix metro area.”
While high-growth tech companies continue to emerge in downtown Phoenix, other long-time tenants benefit from the transformation. Two examples include the Greater Phoenix Economic Council (GPEC) and Gammage & Burnham, organizations that have leased space at Renaissance Square for more than three decades.
“In addition to our clients knowing exactly where we are, we stay at Renaissance Square because the building offers fantastic proximity to our business partners as well as great local meeting spots,” said Grady Gammage, Jr., attorney at Gammage & Burnham. “We have appreciated seeing the continuous investment in the building and the interesting tenant mix.”
Phase I included significant upgrading of the main lobby and lower lobby of One Renaissance Square, the main lobby of Two Renaissance Square, and the addition of a new 8,000 square foot tenant amenity center which includes multiple conference rooms, a large training room, and a gaming area with a tenant lounge and kitchen facilities. Eight brand new move-in-ready spec suites were also constructed as part of the Phase I renovations including the four Project Future suites that were officially presented to the public at the recent Project Future Unveiled event.
Craig Coppola, Bill Blake, Andrew Cheney, Colton Trauter and Gregg Kafka of Lee & Associates Arizona handle the marketing and leasing of Renaissance Square. Since the new ownership acquired the property, over 125,000-square-feet of new leases and over 60,000-square-feet of renewals have occurred.
About Oaktree Capital Management, LP.
Oaktree is a leader among global investment managers specializing in alternative investments, with $100 billion in assets under management as of March 31, 2017. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree’s website at www.oaktreecapital.com.
About Cypress Office Properties, LLC.
Cypress Office Properties, LLC. is a San Diego-based real estate investment and operating company that specializes in acquisitions and asset management of value-add, core plus, and redevelopment office properties in key markets within the Southwest U.S. The company’s primary geographic focus is Orange County, San Diego, and Phoenix. For more information, please visit www.cypressoffice.com.